Policy IV. F. - Financial Condition
With respect to the actual, ongoing condition of the College's financial health, the President shall not cause or allow the development of fiscal jeopardy or a material deviation from the adopted College budget. Accordingly, the President shall not:
- Expend more funds than have been approved in the fiscal year without prior Board approval.
- Expend College funds in a manner that would result in an ending fund balance of $1.5 million by the end of fiscal year 2013.
- Indebt the College in an amount greater than can be repaid by otherwise unencumbered revenues within the current fiscal year or can be repaid from accounts previously established by the Board for that purpose.
- Fail to do comprehensive facilities planning and execute the resulting plans for the use of its physical plant that will:
- Enhance student learning
- Assist in the attraction of new students and retention of existing students
- Optimize the use of taxpayer-provided capital assets
- Extend the useful life of existing structures to the greatest practical degree
- Exhibit sensitivity to existing architectural designs
- Promote a safe and healthy environment for students and staff
- Fail to provide a quarterly report of the College's current financial condition.
- Make any purchase or commit the College to any expenditure of greater than $75,000 that deviates from the adopted budget, unless Board approval has been obtained.
- Make any purchase:
- of over $5,000 without having obtained at least three competitive quotes, if available.
- of over $75,000 without receipt of three sealed bids, if available, submitted according to prepared specifications.
Further, no purchase shall be made without undue regard for price and quality and without prudent protection against conflict of interest.
- Accept gifts or grants that:
- obligate the College to make future expenditures using funds other than those created by the gift or grant without Board approval unless Board approval has been obtained.
- contain restrictions that are not in the best interest of the College.
Adopted 05/19/99 Revised 09/08/99; 02/24/05; 06/06/07; 09/03/08; 10/01/08